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Sunday, February 3, 2019
Press Release
Exxon Mobil Corporation said today it will streamline its upstream organization and centralize project delivery across the company to support previously announced plans to double operating cash flow and earnings by 2025.
“We’re simplifying and integrating our upstream organization to better capitalize on the industry-leading portfolio we’ve assembled through acquisitions and exploration success in the U.S. Permian Basin, Guyana, Mozambique, Papua New Guinea and Brazil,” said Neil Chapman, senior vice president.
“Our focus is on increasing overall value by strengthening our upstream business and further integrating it with the downstream and chemical segments to take advantage of our unique capabilities across the value chain. A clear example is what we’re doing in the Permian, which includes upstream, midstream and downstream investments, enabling us to maximize value unlike any of our competitors.”
The reorganization will be effective April 1 and involve creation of three new upstream companies — ExxonMobil Upstream Oil & Gas Company, ExxonMobil Upstream Business Development Company and ExxonMobil Upstream Integrated Solutions Company.
The ExxonMobil Upstream Oil & Gas Company will focus on end-to-end value chain management in five distinct global businesses — unconventional, liquefied natural gas, deepwater, heavy oil and conventional.
ExxonMobil Upstream Business Development Company will oversee strategy development, exploration, acquisitions and divestments and actively manage an upstream portfolio that is considered the most attractive since the 1999 merger of Exxon and Mobil. Consolidation of upstream portfolio management efforts in one organization will further strengthen the company’s ability to optimize portfolio value.
ExxonMobil Upstream Integrated Solutions Company will provide technical and specialized commercial skills, such as drilling, research & technology, gas and power market optimization, and the global deployment of resources.
The following executives will lead the new companies:
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